Q2 2021 Real Estate Perspective: Buyers be prepared to be part of a multiple offer situation

A couple of weeks ago, the Town of Crested Butte voted on a 12-month moratorium for Short Term Rentals, (STR).  So, for the next 12 months they will not accept any applications nor issue any licenses in Downtown Crested Butte.  Mt. Crested Butte held a meeting about the same issue and they are not going to make any changes at this time.  Crested Butte South and Gunnison will be looking into their STR policies in the near future.  Click Here for the Crested Butte News story.

As I watched the Surfside Condo building tragedy, I could not help but wonder about the structural integrity of every building in the world, whether residential or commercial. Click Here for a informative article from the National Association of Realtors about purchasing a Condo or Townhome. Once again, I feel like I am observing a market acceleration happening this summer.  And even though the inventory continues to be limited, one of the most active residential categories is the $1,700,000 to $4,200,000.  In the residential Luxury market, those properties sold for $1,000,000 or more, there have been 76 transactions in the first half of 2021 compared to 24 in 2020 and 23 in 2019.  Of the 76 luxury properties sold in the first half of 2021, 62 were Single Family and 14 were Condos or Townhomes. 

The countywide number of residential properties sold in the first half of 2021 stands at 330 units vs 91 in 2020 and 90 in 2019.  Of the 330 properties sold this year, 168 were Single Family homes and 135 were Condos or Townhomes.  The average transaction price for a Single Family home in Downtown Crested Butte was $2,148,429, followed by Mt. Crested Butte with an average of $1,795,795 and Rural Crested Butte that had an average of $1,760,168.  

The dollar volume in the first half of this year increased by 155%!  This year, total dollar volume closed was $255,986,045 compared to $100,372,492 in 2020 and $109,115,500.  Mt. Crested Butte had the most transactions with 98, followed by Downtown Gunnison with 65, Rural Crested Butte with 45 and Downtown Crested Butte with 27.

Vacant Land continues to sell as Buyers, that can not find or afford a residential property, are buying land as a back up plan.  In the first half of 2021, we had 230 vacant land parcels sell compared to 66 in 2020 and 84 in 2019.  The most parcels were sold in Rural Crested Butte with 61, followed by Mt. Crested Butte with 40 and Crested Butte South and Rural Gunnison with 29 sales.  

If the Coronavirus Delta variant continues to circulate, it seems more people will continue to make LIVE, WORK and PLAY decisions for their future.  Please contact me if you have more specific questions about our current market.